16th Apr 2019 14:21
LONDON (Alliance News) - E-commerce marketplace and business-to-business buyer cloudBuy PLC said Tuesday it has continued to make progress with its new online marketplace for personal health budgets, PHBChoices.
cloudBuy said it has seen an increase in enquiries from individual clinical commissioning groups eager to use PHBChoices for the management and administration of personal health budgets, especially as the April 1 deadline for personal health budgets being offered as a default came within the period.
At the company's annual general meeting Tuesday, cloudBuy noted the UK National Health Service believes Personal Health Budgets are a "key strategic imperative", as stated in its NHS 10-year plan.
The company also said its York District School Board project in Canada has gone live, acting as a case study for other districts. CloudBuy said the first follow-on contract win with Waterloo Catholic District School Board has started.
In a statement, cloudBuy said: "Our cost cutting program has been effective reducing our operating loss by 27% in 2018. In March we agreed with Roberto Sella to drawdown GBP500,000 from the December 2017 convertible loan facility.
"This funding, together with the successful sale of our Company Formations business for approximately GBP260,000, gives the board confidence the company has sufficient funding to reach cashflow break even."
Shares in cloudBuy were untraded Tuesday, last quoted at 2.60 pence each.